Bought life insurance lately?

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I'm in the market for another twenty-year term life insurance policy, and though I didn't expect it to be cheap at my age (64), I'm really surprised at the prices, even from the on-line offerings.
Any tips on good companies or tricks when applying? Your experiences?
 
I bought a 20 year fixed payment term life policy. I got 400k for $80 a month. I was 51 years old at the time I intiated the policy so your cost should be considerably more based on your age. I got mine from selectquote and they gave me several different companies to choose from. I went with Banner life insurance. I had to have a blood test and minor physical which was performed at my home.
 
Dave Ramsey recommends Zander Insurance. I would at least give them a look. His advice is usually solid.
 
For those with a long term need for life insurance, the best trick is to buy whole life when you're young and it's cheap.
You're at an age where any term life policy is going to be expensive.
Be careful in selecting an insurer.
They don't all operate at the same level of user friendliness and honesty should a death claim be made.
They aren't all equal, despite what some websites selling life insurance might lead you to think.
Do a little searching on how some some insurers seek to deny death claims and offer only a refund of premiums paid.
That would be a bad place to leave those who depend upon you.
 
Thanks, all. Good advice.

Statistically, my wife will outlive me, but I would certainly consider a ten year term.

Thanks again.
 
Hopefully you've set yourself up to be self sufficient at your age. I realize that many have not.

I'm only early 30's, but apparently rates have gone way down as competition has gone way up. I forget what my wife an I pay through her trade association, but I want to say it's around $350/yr for both of us, way into the seven figures to be appropriate for our salary and age, 20 year level.

Keep in mind she would only be 50 when the term expired, but the whole point is to meet our needs in case of a freak tragedy, not because we're all going to die someday, and by 50 the house would be long paid off and we will be fully self sufficient.

I can't say anything about your pricing at 64, obviously it will be quite different at 64. A cursory Google search shows lots of 250k for $15/mo, probably oriented to 40-50 somethings. Your actuarial risk ten or more years out will go high, so I'd suspect your rate would be 2-3x that.
 
Serious question,no offence intended. Why would someone buy life insurance at age 64? Seems like any kids would be grown and out of college and house paid off etc. Maybe for a spouse but it seems like one person could support just themselves pretty easy as long as there is no big debt.
 
Originally Posted By: bradepb
Serious question,no offence intended. Why would someone buy life insurance at age 64? Seems like any kids would be grown and out of college and house paid off etc. Maybe for a spouse but it seems like one person could support just themselves pretty easy as long as there is no big debt.


There's some sort of estate tax benefit as insurance payouts are taxed differently/ less than cash if they have over $600k or whatever.
 
Originally Posted By: Cadenza
Thanks, all. Good advice.

Statistically, my wife will outlive me, but I would certainly consider a ten year term.

Thanks again.


I sold Life insurance for many years. Its hard to give advice on the internet, but I am wondering where is the need?

Income replacement?
To cover a debt like a mortgage?
Or estate planning issues? (term will not work here need whole life)
 
Originally Posted By: cb_13
Dave Ramsey recommends Zander Insurance. I would at least give them a look. His advice is usually solid.



A course he would recommend "Zander Insurance" I would too if I was PAID like he was
 
Originally Posted By: Bluestream

Or estate planning issues? (term will not work here need whole life)


And I can't see paying the premiums that just make the insurance dealers profit, just to save some money on taxes. Maybe Im wrong, but Id have to imagine there is a better way...

There is a LOT of profit built into whole life policies, which is why they are such bad values for most.
 
My age is close enough to relate, and I can understand the need under certain circumstances. My kids are grown, out of college, but due to circumstances when I was younger ( and some poor decisions on my part in my younger years) I stll have a mortgage, my wife can only work a few hours per week due to a medical issue, and I don't want her to lose the home if I should predecease her. I have a recently purchased term policy so that she will not have to worry about scraping to make ends meet, and to cover my final expenses. Not cheap, but a necessity in my eyes.
 
Don't take this the wrong way. But if you are looking at protecting your wife at this stage in your life....it sounds likke an expensive bandaid fix. You might need to consult a financial advisor that is known to give good advice in this area.

Stay away from who is looking at managing your money, You want to pay a fee for good advice.
 
Don't take this the wrong way. But if you are looking at protecting your wife at this stage in your life....it sounds like an expensive bandaid fix. You might need to consult a financial advisor that is known to give good advice in this area.

Stay away from ne who is looking at managing your money, You want to pay a fee for good advice.
 
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Originally Posted By: Al
Don't take this the wrong way. But if you are looking at protecting your wife at this stage in your life....it sounds likke an expensive bandaid fix. You might need to consult a financial advisor that is known to give good advice in this area.

Stay away from who is looking at managing your money, You want to pay a fee for good advice.


You buy life insurance to protect someone else, not yourself. (you have to die to collect) I would say the OP has a sound plan in place. Term insurance should meet your needs. Ask what will my position be in 10 years? If most of the debt is gone and your finished work, a term 10 will do fine. Keep in mind you can still keep the insurance more then 10 years, but the rates go up...
 
Originally Posted By: Bluestream
I would say the OP has a sound plan in place. Term insurance should meet your needs. .

I did not not say that it won't meet "his"needs. I am saying it is an "expensive" bandaid..meaning it could have been handled cheaper say 15 years ago.
 
Originally Posted By: Al
Originally Posted By: Bluestream
I would say the OP has a sound plan in place. Term insurance should meet your needs. .

I did not not say that it won't meet "his"needs. I am saying it is an "expensive" bandaid..meaning it could have been handled cheaper say 15 years ago.


While I agree with you, things do happen.
A guy might have had a plan fifteen years ago that was both good and realistic.
Recent events may have brought that plan to ruin.
Whole life is only a poor buy for those who can't afford it.
For those who can, it represents only a relatively small piece of your savings investment and it will be there, with some value, should you find that your need for life insurance extends into those years where term becomes very costly and the premiums are no more than money down a rathole should what the insurer expects happen and you survive the term of the policy.
Plans can fail due to external factrs beyond anyones control.
 
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